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Garden Villa

2250 Dundas Street, Vancouver

Apartment Building
18 Suites

SOLD $2,745,000

Overview

Garden Villa is an exceptionally clean and well maintained 18 unit low-rise apartment building located in the Grandview neighbourhood of East Vancouver. Built in 1965, the property features hardwood floors, storage lockers, balconies, parking and a penthouse suite with great views of the North Shore. 

Location

The subject property is located in East Vancouver on the south side of Dundas Street, one block west of Nanaimo Street.  Close to major bus routes, shopping and Hastings Park.

Features

  • Hardwood floors
  • 2 washers/2 dryers leased from Engs
  • Storage lockers
  • 8 suites have balconies
  • 13 surface parking stalls
  • Property fenced on both sides
  • All suites on breakers
  • Annunciator panel in meter room
  • Penthouse suite with great views of North Shore
  • Buyer may elect to purchase the shares of the company holding the asset, therbey saving property purchase tax

Recent Upgrades

  • Exterior repainted
  • Fence replaced on side and rear
  • Parking lines repainted
  • Balcony banisters repainted
  • All new landscaping
  • Fascia boards repainted
  • New lighting installed in halls
  • Exterior pressure washed
  • 80% of windows replaced (front & back)
  • New hot water tank (2010)
  • New roof and vents (2005)
  • Appliances replaced as needed

Summary

Price$2,895,000
Units18
Net Rentable Area10,586 sq. ft.
Price/Unit$160,833
Cap Rate3.9%
GIM16.1
Year Built1965
Lot Size99' x 122'
ZoningRM-3A
PID015-684-199; 015-684-181
Sale Price$2,745,000
Sale Date01/03/2012

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units1Avg. Sq. Ft.439Avg. Rent$720
One BedroomNo. Units16Avg. Sq. Ft.607Avg. Rent$834
One Bedroom PenthouseNo. Units1Avg. Sq. Ft.441Avg. Rent$725

Financials

FinancingTreat as clear title.
Assessment 2011
Land
Building
Total
Land$1,861,000
Building$24,800
Total$1,885,800
Taxes 2011
$8471.72
2011 Proforma
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$179,280
Vacancy(2,241)
Effective Gross$177,039
Operating Expenses(62,927)
Net Operating Income$114,112
NotesIncome annualized as of November 2011.  For a current rent roll and expense statement, click here.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

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